A CHARTER ORDINANCE EXEMPTING THE CITY OF LOUISBURG, KANSAS, FROM PROVISIONS OF K.S.A. 12-865, RELATING TO COMBINED WATER AND SEWAGE SYSTEM REVENUE BONDS AND THE TERMS OF SUCH REVENUE BONDS, AND PROVIDING SUBSTITUTE AND ADDITIONAL PROVISIONS ON THE SAME SUBJECT.

Section 1. The Governing Body of the City of Louisburg, Kansas (herein called the “city”), by the power invested in it by Article 12, Section 5, of the Constitution of the State of Kansas, hereby elects to exempt itself from and make inapplicable to it the provisions of K.S.A. 1980 Supp. 12-865, which apply to the City but are not uniformly applicable to all cities, and to provide substitute and additional provisions on the same subject as hereinafter stated in Section 2 of this ordinance.

Section 2. Combined water and sewer system revenue bonds issued by the City pursuant to the authority of K.S.A. 12-856 et seq., as amended, shall mature serially, beginning not later than five years after the date of issuance; the date of maturity on said bonds shall not be fixed for a longer period of time than 40 years after the date of issuance; said bonds shall bear interest at a rate not to exceed the maximum rate of interest prescribed by K.S.A. 1990 Supp. 10-1009, and amendments thereto, payable semi-annually and the amount of interest due each six months shall be evidenced by coupons attached to each bond issued: provided however, that such revenue bonds sold pursuant to written agreement to the government of the United States of America or any bureau, department, instrumentality or agency thereof shall be issued to mature in not more than 40 years, may have serial or term maturities and shall bear interest at a rate not to exceed the rate prescribed by K.S.A. 1980 Supp. 10-1009, and amendments thereto, payable semi-annually or at such times as may be fixed by the City, and may be in coupon or registered form and interchangeable and shall have such other terms and provisions as the City, by ordinance, resolution or trust agreement, may provide. In no case where such revenue bonds are issued under and by virtue of K.S.A. 12-856, et seq., shall the total amount thereof be in excess of the actual cost of the project. The city shall not have any right or authority to levy taxes to pay any of the principal or interest on any such bonds or any judgment against the City on account thereof and the provisions of K.S.A. 10-113 shall not apply to any bonds issued hereunder.

(02-17-1982; Repealed by C.O. No. 9)